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Gold demand in China at record
By Feiwen Rong
Bloomberg News
Monday, February 10, 2014
BEIJING -- Gold consumption and production in China expanded to records as prices that slumped into a bear market spurred sales of jewelry and bars, underlining a shift in global demand from West to East.
Usage surged 41 percent to 1,176.4 metric tons in 2013 from the year before, according to data from the China Gold Association today. Output rose 6.2 percent to 428.16 tons, making China the largest producer for a seventh year, the Beijing-based association said in an e-mailed statement.
China probably overtook India as the largest user last year, according to the producer-funded World Gold Council, which highlighted the eastward shift in global demand as holdings in exchange-traded products contracted by a record. Gold posted the biggest annual drop since 1981 last year as the U.S. Federal Reserve prepared to scale back monetary stimulus that boosted asset prices while failing to stoke inflation. ...
... For the full story:
http://www.bloomberg.com/news/2014-02-10/gold-demand-in-china-seen-at-re...
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